The major Asian stock markets have opened the day on a mixed note with stock markets in Japan (up 1.2%) and Singapore (up 0.2%) leading the gains. However, stock markets in Hong Kong (down 0.1%) and Malaysia (down 0.1%) have opened in the red. The Indian share markets have opened the day on a firm note. All sectoral indices have opened in the green with the stocks in the realty and auto space leading the gains.
Auto stocks have opened mainly in the green with TVS Motors Ltd and Maruti Suzuki Ltd leading the gains. However, Tata Motors Ltd and Hero Motocorp Ltd were facing selling pressure. Ashok Leyland and has announced results for the quarter ended March 2014. The company has reported a decline of 17.5% YoY during the quarter in the revenues. As per the management, the company has restructured itself to face the challenges in a tough year and to reduce overall fixed cost. In FY14, the company was able to retain market share in an highly competitive medium and heavy commercial vehicle market that witnessed a decline of over 25% second year in a row. The net profit for the quarter was up 142% YoY, mainly on account of exceptional items, including selling of non-core assets. The debt to equity ratio at the end of March 2014 stood at 1.14:1. The company aims to reduce it to 1:1 by end of March 2014.
MNC Pharma stocks have opened the day mainly in the green with Abbott India Ltd and Sanofi India Ltd leading the gains. Novartis India has reported results for the quarter ended March 2014. The revenues during the quarter declined by 5.7% YoY during the quarter. As per the management, this was mainly due to reduction in selling prices of some key products arising out of the notification of the new Drug Prices Control Order. The company has reported a decline of 2.2% YoY in the net profit during the quarter. Rupee depreciation made things even worse for the company. The company's Board has approved dividend recommendation of Rs.10 per equity share of Rs.5 each for the year ended on 31 March 2014.
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